2nd Oct 2015 12:22
LONDON (Alliance News) - Firestone Diamonds PLC on Friday said the sale of its Botswana operations to Tango Mining Ltd has hit an obstacle after Tango said it has been unable to pay the deposit required by the sale agreement.
Tango had been required to pay USD300,000 into an escrow account as a deposit for the USD7.7 million acquisition of the Botswana assets and, after failing to do so, has requested an extension to the deal timetable.
Tango is seeking more time to complete its fundraising to back the deal, and Firestone said it is holding talks with Tango to consider its request.
Firestone said it will provide a further update once the talks are completed or if the talks with Tango are terminated.
Shares in Firestone were down 3.2% to 23.00 pence on Friday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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